- Loan Amount * $2,500,000
- Rate * 10.49%
- Appraised Value * $5,950,000
- Term * 60 Months, Partial Balloon
- Lien Position * First
Our borrower was renting the subject property and was interested in purchasing it. We were able to get creative with the financing and allow seller financing behind our first line. This is a partially amortizing loan and in five years, the borrower will refinance with more conventional financing.